CBOT corn prices fell on October 11 amid anticipation that US will raise its global supply estimate to match heavy competition from exporters, according to a Bloomberg report.
Inventories of corn will probably reach 120.5 million tonnes at the end of this season, higher than last month's 117.4 million tonne projection by the USDA, according to the average estimate of analysts. Investors should close out positions until the report's release, said economist Dennis Gartman.
"Zero positions are the order of the day, Discretion is the far, far better part of valor here." he said.
Corn for December delivery declined 4.5 cents, or 0.7% to US$6 a bushel. The grain reversed a gain of as much as 0.7% and retreated for a second session in three.
Ukraine, set to become the world's third-biggest corn exporter, will probably ship about 10 million tonnes of grains overall in the first half of this marketing year, Volodymyr Lapa, an analyst at the Ukrainian Agribusiness Club, said.
Wheat for delivery in December rose 3.5 cents or 0.6%, to US$6.15 a bushel. Milling wheat for November delivery traded on NYSE Liffe in Paris was unchanged at EUR184 (US$250.5) a tonne.
Soy for delivery in November fell 2 cents, or 0.2%, to US$11.75 a bushel in Chicago.